Global climate change scenarios predict lake water temperatures to increase up to 4°C and extreme weather events, including heat waves and large temperature fluctuations, to occur more frequently. Such changes may result in a reorganization of the plankton community structure, causing shifts in diversity and structure toward a community dominated by fewer species that are more adapted to endure warmer and irregular temperature conditions. We designed a long‐term (8 months) mesocosm experiment to explore how ambient water temperature (C: control), induced increased temperature (T: +4°C), and temperature fluctuations (F: ±4°C relative to T) change phytoplankton phenology, taxonomical diversity, and community structure, and how such changes affected zooplankton abundance and composition. Synthesis. Our results show that T and F relative to C significantly decreased phytoplankton diversity. Moreover, there was a clear effect of the temperature treatments (T and F) on phytoplankton size structure that resulted in a significantly lower growth of large species (i.e., large Chlorophyta) compared to C. Decreased diversity and evenness in the T and F treatments pushed the community toward the dominance of only a few phytoplankton taxa (mainly Cyanobacteria and Chlorophyta) that are better adapted to endure warmer and more irregular temperature conditions. The observed shift toward Cyanobacteria dominance may affect trophic energy transfer along the aquatic food web.